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What can we get out of Royal & Sun?
Annabee
Posts: 659 Forumite
We got our endowment (from Royal&Sun Alliance) in 1997 and obviously a shortfall is projected. We have just remortaged and taken out new life assurance.
I know it sounds stupid, but I have been sticking my head in the sand, scared to ask R&S what the surrender value is - but we could really do with a lump sum to pay off debts and also do not want to continue throwing good money after bad, as they say.
So my question is, if we cash in the plan can we still pursue them for misselling, or do we have to keep paying while the case is decided? Does it make any difference? Or there is another option, isn't there, where you stop paying in but don't surrender it (paid up?) I would prefer to get some money straight away, but not to jeopardise our chances of compensation.
Thanks in advance for any advice you can offer.
I know it sounds stupid, but I have been sticking my head in the sand, scared to ask R&S what the surrender value is - but we could really do with a lump sum to pay off debts and also do not want to continue throwing good money after bad, as they say.
So my question is, if we cash in the plan can we still pursue them for misselling, or do we have to keep paying while the case is decided? Does it make any difference? Or there is another option, isn't there, where you stop paying in but don't surrender it (paid up?) I would prefer to get some money straight away, but not to jeopardise our chances of compensation.
Thanks in advance for any advice you can offer.
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Comments
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Just start the misselling claim before surendering the endowment.Trying to keep it simple...
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I think the savest way is to keep paying till the case is decided. After that you can also dispute fees paid during the process!0
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Surrendering the policy now will only affect the date of calculation of redress. This would be the date you surrender the plan. One point to note is that if you use some of the surrender value to reduce your mortage you may pay fees. If you wait until the case is decided and R & S A find in your favour they will also pay those associated fees as part of the redress offer.
Whatever you do dont wait, R & S A apply the time bar rule rigourously and by waiting you could block any possible chance of making a claim0 -
I have a RSA endwowment which I took out in 1998, paying £110 per month. I asked for a surrender value and was quoted just over £6000. :mad:
About two years back I claimed against misselling and recived just under £3000 compensation.
I was thinking of surrendering this policy as I to have remortgaged, Does anyone know of a company who will buy this endowment from me rather than surrendering it?0 -
Doubt there are many that will touch Resolution Life (or is it phoenix life now).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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